{"id":30340,"date":"2023-02-22T22:40:05","date_gmt":"2023-02-22T22:40:05","guid":{"rendered":"https:\/\/thebluemanakin.com\/faq\/what-are-the-nfts-are-and-how-do-they-work\/"},"modified":"2023-03-25T18:50:31","modified_gmt":"2023-03-25T18:50:31","slug":"what-are-the-nfts-are-and-how-do-they-work","status":"publish","type":"page","link":"https:\/\/thebluemanakin.com\/en\/faq\/what-are-the-nfts-are-and-how-do-they-work\/","title":{"rendered":"What are The NFTs are and how do they work?"},"content":{"rendered":"\t\t
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What are The NFTs are and how do they work?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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NFTs<\/a>\u00a0(non-fungible tokens) are an asset that cannot be imitated, in the digital world that is compared to selling any other type of asset or property, but in an intangible way (soft technologies). These tokens can be viewed as certificates of ownership of virtual or physical assets.<\/p>\n

How do they work?<\/b><\/h2>\n

With NFTs, art can be tokenized to create a digital certificate of ownership that can be bought and sold. As with cryptocurrencies, a record of who owns what is stored in a shared ledger such as the blockchain.<\/p>\n

The records cannot be falsified because this \u201cledger\u201d is securely maintained by thousands of computers around the world<\/p>\n

NFTs can also contain Smart contracts that could provide the artist with, for example, a share of a future sale of the token.<\/p>\n

In many cases, artists retain the copyright to sell copies of those works and thus continue to sell. But for a buyer of an NFT who holds the token, it proves that he is the original owner of the work. Some people compare it to buying a copy signed by the author.<\/p>\n

In theory, anyone can tokenize their work to sell it as an NFT, but interest has grown following reports of multimillion-dollar sales.<\/p>\n

In this way, each person can give a \u201cvalue\u201d to the NFT with the simple fact that they believe that it is something valuable, that is the reason for the multimillion-dollar sales.<\/p>\n

Main characteristics of NFTs<\/b><\/h3>\n

The main characteristic of NFTs is that they are not digital assets, but pieces of digital content that will be stored on a server.<\/p>\n

There are different value ranges for each NFT based on its rarity and exclusivity.<\/p>\n

therefore its value is greater and may even increase over time.<\/p>\n

They are based on two standards, the original ERC-721 of\u00a0Ethereum<\/a>, where NFTs began to move, and the more current ERC-1155, which allows working with several tokens at the same time through a single smart contract, unlike the original , which requires a smart contract for each token.<\/p>\n

We have already seen some examples of NFT throughout the entire article,<\/p>\n